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To this point in Thursday’s session, just one exchange traded fund has touched an all-time low. That dubious honor belongs to the Global X Nigeria Index ETF (NYSEArca: NGE).

Down nearly 2% today, NGE, the lone ETF dedicated to Africa’s largest economy, is now down a staggering 26.4% over the past 90 days, a decline that has exacerbated by tumbling oil prices. NGE has been ina bear market as the slump in the energy market pummeled Africa’s largest oil producer and a depreciating local currency scares away foreign investments. [Oil Drags Nigeria ETF Into Bear Market]

Nigeria, which earlier this year became Africa’s largest economy as measured by GDP, is also home to the continent’s second-largest equity bourse, but oil charts the course for government revenue, Nigerian equities and NGE.

As the 12th-largest oil producer in the world and eighth-largest exporter, Nigeria is home to the world’s 10th-largest proven crude reserves with oil driving 40% of GDP and 80% of government receipts, according to Rareview Macro founder Neil Azous.